Six Interesting Facts To Know About UAE Economy

Six Interesting Facts To Know About UAE Economy

Interesting facts about United Arab Emirates

Are you looking for interesting facts to know about UAE economy before launching business? You are in the right place.

This page features important information you should know about the Arab nation and their economy.

In this article, I discuss fascinating facts about the United Arab Emirates’ economy for those hoping to start a new venture there.

So, sit back and relax while we hit the ground running!

The Story

The United Arab Emirates is no doubt of the best countries in the world.

It is known for its attractive cities you can explore as a student, tourist, and foreigner.

Walk through the nooks and crannies of the Desert Safari in Dubai.

Visit the Arabian country to enjoy the sight and view of the iconic Burj Khalifa (the world’s tallest sky scrapper), also in Dubai.

Little wonder the United Arab Emirates remains a top destination for travelers seeking the best place to visit during holidays and festive seasons.

That’s not all about the country located on the southeast end of the Arabian Peninsula.

Its booming economy makes it one of the world’s most suitable places for business owners.

The country’s economy encourages massive business growth.

This explains why many foreigners love establishing their firms in the oil-producing nation.

Talking of UAE’s economy, below is brief rundown of Six most fascinating facts you should know about the country’s economy.

Six Fascinating Facts About UAE Economy

1. UAE Largely Depends On Oil and Gas

The UAE largely depends on the petroleum and natural gas discovered in the 1950s.

The country is a reputable natural gas and petroleum exporter, while China, Oman, Japan, the USA, and India are regular partners.

The Arabian nation is the seventh-ranked country in the world when it comes to nations with a high level of natural gas and crude oil reserves.

2. Pacy Economic Diversification

It is a matter of time before the country’s over-reliant on crude oil will soon become a thing of the past, considering the massive economic diversification taking place in major cities of the country.

Dubai, in particular, has witnessed a tremendous improvement in the tourism sector in recent years as the government continues to generate a steady inflow of revenue from high numbers stat.

The demand for hotels and accommodation has increased significantly due to the regular influx of visitors and tourists.

Unsurprisingly, the government is taking advantage of this trend to enhance its desire to diversify the economy.

In the same vein, the production of dried fish and dates has equally experienced a significant increase in recent years.

The two productions are reportedly the UAE’s most important non-oil sources of revenue.

The country exports them in large quantities to neighboring countries.

The manufacturing industry is equally experiencing tremendous growth in major cities of the country.

Meanwhile, a quality transportation system and a conducive business environment all work hand-in-hand towards ensuring business success.

The Asian nation is definitely on the right path to fulfilling its diversification plans.

3. Favorable Tax Policies

Another fascinating fact about the UAE economy is that it gives foreign and local investors a high opportunity to thrive as business owners or investors.

Thanks to the government’s favorable tax policies, all Emirati and foreign investors do not have to think of being drained by the government due to meager and numerous taxes.

Instead, the country’s Federal Tax Policy ensures that there is no direct taxation of corporations or individuals except if they are in the Oil, Insurance, and banking industry.

4. Political Stability Strengthens The Economic

UAE operates a monarchy system of government whereby a Sheikh governs each Emirate.

Therefore, there is no need to change a government unless the ruling government reaches its tenure of five years.

Since its inception, UAE has had just two presidents from the same family (father and son).

Hence, UAE enjoys a very stable system of government which is inarguably one of the reasons why the country continues to experience mind-blowing economic growth every year.

5. High Employment Opportunities

According to UAE stats released earlier in 2020, UAE has just a 2.45 % unemployment rate.

The stats above reveals high employment opportunities scattered across all seven Emirates of the country.

For instance, the development in the construction and manufacturing industries will lead to more job availability because much manpower will be needed to complete multiple construction tasks.

However, as a foreigner, you need a work permit (required legal documents) from appropriate sources to be a part of the country’s labor market.

With this interesting fact about UAE economy, you can be sure of getting a paid job in the Arab country.

6. Awesome Infrastructure Development

Here is one of the interesting facts to know about UAE economy before launching your business.

The government of each of the seven Emirates that make up the country has invested heavily in infrastructural development.

For instance, Dubai has numerous state-of-the-art business centers, eye-catching road networks, effective telecommunications and internet connectivity, IT business parks, shipping & freight companies, and reliable power supply.

All these infrastructures undoubtedly improved the quality of the Emirate beyond expectations.

Though not at the same rate as Dubai, Abu Dhabi is equally on the right path to witnessing a huge infrastructural development.

The inauguration of three major projects — the Khalifa Port, Khalifa Industrial Zone Abu Dhabi (Kizad), and Sheikh Zayed Street and Tunnel — boosted the state’s infrastructural development tremendously.

 

 

Ibukun Italoye

Ibukun Italoye is a writer with over two years of experience writing in various niches, including football, lifestyle, screenwriting, and stories. He is a Christian, a brother and a friend who loves helping others reach their full potential.

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